Dipexium Shares Surge On Announced Merger With PLx Pharma

Shares of Dipexium Pharmaceuticals Inc. surged in the extended session Thursday after the microcap drug maker said it will merge with privately-held PLx Pharma Inc. Dipexium shares rallied 66% to $2.65 after hours. Dipexium said it will issue about 36 million new shares of its stock to PLx shareholders, who will own just under 77% of outstanding shares while current Dipexium shareholders will own a little over 23%. The new company will retain the name PLx Pharma Inc. The focus of the company will be development and commercialization of Aspertec, an aspirin for high-risk cardiovascular and neurology patients.